Oppenheimer Downgrades Wendy's (WEN) to Perform

Oppenheimer analyst Brian Bittner downgraded Wendy's (NASDAQ: WEN) from Outperform to Perform.

The analyst comments "Downgrade WEN to Perform from Outperform. WEN shares have gained +40% since a 13D filing on 5/24/22 by Trian Management (vs S&P’s -2.2%), and our updated analysis suggests the stock’s risk/reward and valuation are now fairly balanced. We also forecast 2023 EBITDA modestly below consensus, which blocks our ability to identify a positive earnings revision path to drive stock outperformance. Importantly, we anticipate solidly in-line SSS in 4Q22E and fullyear 2023E, which limits downside risk."

For an analyst ratings summary and ratings history on Wendy's click here. For more ratings news on Wendy's click here.

Shares of Wendy's closed at $22.82 yesterday.

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